BEAUTY DEVICES MARKET ANALYSIS

Beauty devices are used to treat skin-related problems such as acne and wrinkles. Moreover, they are used to eliminate the scars caused due to an injury. They are also used to treat hair-related problems such as hair fall, greying of hair, and others. These devices are a result of advancements in skincare device technology.

Global beauty devices market was valued at US$ 125.7 Billion in 2022 in terms of revenue, exhibiting a CAGR of 5.4% during the forecast period (2023 to 2030).

Drivers

Increasing aging population

Increasing aging population is a prime factor fuelling the global beauty devices market growth. Aging is associated with the loss of the fibrous tissue. The skin layer starts reducing vascular and glandular networks, which leads to wrinkles, pigmentation, and sagging of the skin. According to the United Nations, the share of global population aged 65 years and above is projected to rise from 10 percent in 2022 to 16 percent in 2050. Thus, a rise in the aging population is projected to foster the global beauty devices market growth.

Increasing awareness regarding personal hygiene

Increasing awareness regarding personal hygiene is propelling the global beauty devices market growth. A rise in the urban population coupled with the increasing penetration of personal care products across emerging nations is also expected to foster the market growth. Also, rapid adoption of such products among consumers due to effectiveness and benefits offered by these products are further anticipated to augment the global beauty devices market growth.

Figure 1. Global Beauty Devices Market Value Share (%), By Region, 2022

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Market Restraints

Side-effects associated with beauty devices

Side-effects associated with beauty devices such as excessive swelling, superficial burn, and blistering are expected to restrict the adoption of such devices. These factors are expected to hinder the global beauty devices market growth over the forecast period. Lack of awareness regarding the benefits of beauty devices across developing countries or rural areas is expected to inhibit the market growth over the forecast period.

Market Trends

Increasing preferences for at-home beauty devices

Increasing preferences for at-home beauty devices that are easy to use for acne and hair removal is one of the growing market trends. At-home beauty devices are portable and easy to use. They are gaining huge demand due to an increasing availability of home solutions. These devices are witnessing tremendous demand on the account of a rise in young population and middle age population around the globe.

Changing lifestyle coupled with growing disposable income

Changing lifestyle coupled with growing disposable income is projected to bolster the global beauty devices market growth. Improving living of standard and constantly changing fashion trends are two other major factors propelling the global beauty devices market growth. Also, an increasing number of working women is further creating demand for such devices, thereby fuelling the global beauty devices market growth.

Figure 2. Global Beauty Devices Market Value Share (%), By Product Type, 2022

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The hair removal device segment dominated the global beauty devices market in 2022 accounting for 21% share in terms of value, followed by cleansing and acne device segments.

COVID-19 Impact Analysis

The novel coronavirus (COVID-19) has impacted almost all the industries globally including the personal care products market. There is an increased demand for beauty and personal care products during the pandemic period owing to rising trends of home use and portable beauty devices.

Key Developments

• In January 2020, L’Oréal introduced Perso, a smart device that makes beauty personal. The smart skincare system is capable of providing personalized skincare solutions via a four-step process.
• In February 2021, L’Oreal finalised the acquisition of Japanese company, Takami Co. that develops and markets skincare products. The acquisition is focused on developing the product offerings and share the human resource of both the organization.
• In July 2021, Philips launched a facial pen trimmer, which is a perfect solution for hair removal from upper lips, eyebrows and forehead.
• In August 2020, Shiseido Beauty Devicess, announced to enter into a partnership deal with YA-MAN limited to manufacture and distribute anti-aging beauty devices across Japan.

Competitive Section

Major players operating in the global beauty devices market include L’Oreal Group, Nu Skin Enterprise, Inc., Panasonic Corporation, Home Skinovations, Ltd., PhotoMedex, Inc., Carol Cole Company, Procter & Gamble Company, Koninklijke Philips N.V., TRIA Beauty, Inc., and AmorePacific Group.